Trump threatened tariffs on countries that support Greenland
The S&P 500 and Nasdaq settled slightly below breakeven on Friday, as all three major benchmarks succumbed to weekly losses as traders reacted to President Trump's latest remarks on the Fed and geopolitics. Stocks fell to session lows after Trump downplayed National Economic Council Director Kevin Hassett's chances of becoming the next Fed chair, reviving concerns over central bank independence. Chip stocks offered support, but risks weighed after Trump threatened to impose tariffs on countries that support Greenland.
Continue reading for more on today's market, including:
- Option bulls are charging toward this REIT.
- Satellite stock surged to record highs today.
- Plus, HPQ's downgrade; AST rallies on new contract; and another chip stock hitting all-time highs.
5 Things to Know Today
- Canadian Prime Minister Mark Tarney lowered EV tariffs on China from 100% to 6.1% for 49,000 vehicles. (New York Times).
- European nations are backing up Greenland in its argument to remain autonomous and avoid President Trump's takeover. (Reuters)
- Analyst turns bearish on HP stock.
- Contrarians: Heed this .
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Board member's big purchase boosts chip stock.
Gold Prices Lose Momentum
Oil prices shot higher on Friday, as investors weighed potential supply chain disruptions. Front-month West Texas Intermediate (WTI) crude gained 71 cents, or 1.2%, to settle at $59.89 per barrel, and also secured a 1.4% weekly gain.
Gold prices, however, retreated from their recent record highs as geopolitical tensions calmed down and investors took profits. February-dated gold futures dropped 0.6% to settle at $4,595.40. For the week, the yellow metal enjoyed a gain of roughly 1.9%.